Arena Stage in Southwest Washington will get a $120 million makeover and become a centerpiece of the Anacostia Waterfront revitalization project, theater officials announced Wednesday.

The renovated theater, funded in large part by high-profile local philanthropists Gilbert and Jaylee Mead, will include a new stage, artist apartments, workspaces, a cafe, underground parking and renovated bathrooms. The 250,000-square-foot complex is scheduled to be completed sometime in 2009 or 2010 — a timeframe that is in line with several other revitalization projects in the neighborhood, such as the 2.5 million-square-foot mixed-use development near the Waterfront Metro stop that was announced earlier this week.